Bank of New York Mellon Corp lowered its position in Sorrento Therapeutics, Inc. (NASDAQ:SRNE) by 0.2% during the first quarter, Holdings Channel reports. The fund owned 149,424 shares of the biopharmaceutical company’s stock after selling 331 shares during the period. Bank of New York Mellon Corp’s holdings in Sorrento Therapeutics were worth $590,000 at the end of the most recent reporting period.
Separately, State Street Corp raised its stake in shares of Sorrento Therapeutics by 6.0% in the fourth quarter. State Street Corp now owns 514,597 shares of the biopharmaceutical company’s stock worth $2,519,000 after buying an additional 29,076 shares during the last quarter. Hedge funds and other institutional investors own 17.51% of the company’s stock.
Shares of Sorrento Therapeutics, Inc. (NASDAQ SRNE) opened at 1.90 on Thursday. Sorrento Therapeutics, Inc. has a 12 month low of $1.50 and a 12 month high of $8.35. The stock’s market cap is $143.09 million. The company has a 50-day moving average price of $1.96 and a 200-day moving average price of $3.10.
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SRNE has been the topic of a number of research analyst reports. Rodman & Renshaw dropped their price target on Sorrento Therapeutics from $30.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, May 22nd. HC Wainwright set a $20.00 target price on Sorrento Therapeutics and gave the company a “buy” rating in a research report on Tuesday, July 4th. Finally, FBR & Co reiterated an “outperform” rating and issued a $9.00 target price (down previously from $13.00) on shares of Sorrento Therapeutics in a research report on Monday, May 22nd. Five analysts have rated the stock with a buy rating, Sorrento Therapeutics has an average rating of “Buy” and a consensus target price of $16.00.
In related news, insider Henry Ji purchased 29,001 shares of Sorrento Therapeutics stock in a transaction on Thursday, June 15th. The stock was acquired at an average cost of $1.81 per share, for a total transaction of $52,491.81. Following the completion of the acquisition, the insider now owns 139,776 shares of the company’s stock, valued at approximately $252,994.56. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 5.00% of the company’s stock.
Sorrento Therapeutics Company Profile
Sorrento Therapeutics, Inc is a biopharmaceutical company. The Company is engaged in the discovery, acquisition, development and commercialization of drug therapeutics. Its primary therapeutic focus is oncology, including the treatment of chronic cancer pain. It is also developing therapeutic products for other indications, including immunology and infectious diseases.
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